CHAPTER BY-LAWS AND RULES & REGULATIONS

PREAMBLE

The By-laws of the Long Island Board of REALTORS® are incorporated herein by reference. In the event of a conflict between these By-Laws & Rules and Regulations and the By-Laws of the Long Island Board of REALTORS®, Inc., the By-Laws of the Long Island Board of REALTORS® shall control.

ARTICLE I - NAME

The name of this organization shall be the Huntington Township Chapter of the Long Island Board of REALTORS®.

ARTICLE II - OBJECT

The object of this Chapter shall be:

To act as duly chartered representatives of the Long Island Board of REALTORS® in their community and Chapter area.

To serve as a common meeting ground for members of the Long Island Board of REALTORS® within the local community and Chapter area.

To take action on matters of local community interest, conforming to Long Island Board of REALTORS® policy.

To provide a place for discussions of mutual and local interest.

To cooperate with all local governmental and community agencies for the benefit of the local community.

To publicize the availability within the community of the fully qualified REALTOR® and to elevate his position.

ARTICLE III - MEMBERSHIP

SECTION 1. CLASSIFICATIONS:

The classifications of membership in the Chapter shall be the same as those of membership in the Long Island Board of REALTORS® and membership within the Chapter shall be determined by membership in the Long Island Board of REALTORS®.

SECTION 2. JURISDICTION

This Chapter shall be as established by the Board of Directors of the Long Island Board of REALTORS®, Inc.

SECTION 3. PRIVILEGES:

Only REALTOR® members in good standing in the Long Island Board of REALTORS®, who maintain or work in an office within the Chapter jurisdiction, shall have the right to vote or hold elective office.

Only REALTORS® can be elected President or Vice President and may hold all other elective offices.

SECTION 4. SERVICE:

All members of the Long Island Board of REALTORS® with offices within the jurisdiction of the Chapter shall be members of the Chapter and therefore, be entitled to receive notification of Chapter meetings and functions.

ARTICLE IV - MEMBERSHIP QUALIFICATIONS

Membership in the Chapter shall be only after acceptance and while the individual remains a member in good standing with the Long Island Board of REALTORS®, Inc.

ARTICLE V - FINANCES

SECTION 1.

The Chapter by consent of its members may establish any voluntary method of financing Chapter activities, subject however to prior written approval of the Long Island Board of REALTORS® President and Chief Executive Officer. The President and CEO will review the proposal with Counsel and/or outside Accountant, if advisable.

SECTION 2.

No Chapter or multi-Chapter undertaking shall obligate the Chapter(s) to any expenditure exceeding 50% of the current Chapter assets without prior review and approval by the LIBOR President and Chief Executive Officer.

SECTION 3.

Each Chapter must establish a system requiring two Chapter Officers' signatures on all accounts. Any expenditure exceeding $500.00 will require both signatures on the check.

SECTION 4.

... taken from LIBOR By-Laws: Article XX - LOCAL AREA CHAPTERS - Section 2. PURPOSE:
"All activities of the Chapter, before implementation, shall be subject to the review and approval of the Executive Officer. Both the Executive Officer and the Chapter shall have the right to submit any difference to the Board of Directors, whose decision shall be final."

ARTICLE VI - OFFICERS & DIRECTORS

SECTION 1.

The Officers of the Chapter shall consist of a President, President Elect, who shall succeed the President at the end of the President's term, Vice President, a Secretary and a Treasurer, although Chapters may elect additional Officers if they wish.

SECTION 2.

The term of President and President-Elect shall be no more than two (2) one (1) year terms consecutively. If under special circumstances a third year is needed it must be by a special election meeting of the general membership of the Chapter with a 2/3's majority vote.

SECTION 3.

It shall be the duties of the Officers to administer the Chapter business subject to approval of the Board of Directors of the Chapter and informing the chapter membership of these actions.

SECTION 4.

There shall be a Board of Directors of the Chapter consisting of the Officers and at least three (3) additional members of the Chapter elected by the membership. All Past Presidents of the Chapter may serve on the Board of Directors.

SECTION 5.

The Officers and Directors shall meet at the call of the President or three (3) other Officers and/or Directors for the transaction of business.

SECTION 6.

Absences of Directors or Officers totaling three (3) meetings of the Chapter Board of Directors and/or General Chapter meetings which they are required to attend, shall result in the Officer/Director being automatically removed from office and their position shall be declared vacant, and the position shall be filled. The Board of Directors may excuse absences at their discretion for good cause shown.

ARTICLE VII - NOMINATING COMMITTEE

SECTION 1.

The Nominating Committee shall be appointed by the President with the approval of the Executive Board of the Chapter not later than the July meeting of the Chapter, consisting of the immediate Past President as chairperson, 2 members from the Chapter Officers or Chapter Board of Directors and 2 members at large.

SECTION 2.

The report of the Nominating Committee shall be mailed to each member of the Chapter at least 30 days prior to the September/October meeting of the Chapter.

SECTION 3.

Any member desiring to present a slate or nomination in opposition to the Nominating Committee recommendation shall present such nomination to the Chairperson of the Nominating Committee and Chapter President at least 15 days prior to the September/October meeting in the form of a petition signed by at least 25 Active members. The Chapter President will notify the nominated slate of the additional nominations as soon as possible.

ARTICLE VIII - ELECTION OF OFFICERS & DIRECTORS

SECTION 1.

At the September/October meeting of the Chapter, the election of the Officers, and the Board of Directors for the following year shall take place.

The Chapter Membership may elect additional Directors during the year at a scheduled Chapter meeting.

SECTION 2.

In the event of a contest, the voting shall be by closed ballot and the President shall appoint three Active members who shall make a tabulation of the ballots and report the results.

SECTION 3.

In the event of a vacancy in any office, such a vacancy shall be met by a vote of the Chapter Officers and Directors.

SECTION 4.

A quorum for the election of Chapter Officers and Directors shall consist of 5% or 50 members whichever is less of the active members of the Chapter.

ARTICLE IX - TERMINATION OF MEMBERSHIP

Membership in the Chapter shall cease upon termination of membership, by individual or institution, as a member of the Long Island Board of REALTORS®.

ARTICLE X - COMMITTEES

SECTION 1.

The President shall appoint, subject to the approval of Chapter Directors, such Committees as he shall deem necessary to conduct the business of the Chapter.

ARTICLE XI - MEETINGS AND QUORUM

SECTION 1.

The Annual Meeting of the Chapter for the election of Officers shall be held during the months of September/October at such time and place as specified by the Chapter President and Board of Directors.

SECTION 2.

The Chapters are expected to meet no less than 4 times a year for the purpose of conducting Chapter business and to carry out the objects of the Chapter as stated in Article II of these By-laws. Such meetings of the Chapter shall be called at the time and place as the President and/or Officers of the Chapter shall direct provided notice to be sent to each member of the Chapter at least five days prior to the meeting. No meetings shall be held in months where there is a conflict with major Board activities without approval of the LIBOR Executive Committee.

SECTION 3.

The quorum to conduct business at any Chapter meeting will consist of 5% of the membership or 50 members, whichever is less, of the active members of the Chapter.

ARTICLE XII - FISCAL AND ELECTIVE YEARS

The fiscal and elective year of the Chapter shall conform with that of the Long Island Board of REALTORS®, Inc.

ARTICLE XIII - AMENDMENTS

SECTION 1.

These By-laws and Rules and Regulations may be amended by the membership of the Chapter by a majority of the members present at a quorum meeting called for the purpose, provided that 15 days notice shall be given to members of the Chapter with the intention to amend, together with the substance of proposed amendments. Any such amendment shall become effective when approved by the Board of Directors of the Long Island Board of REALTORS®, Inc.

ARTICLE XIV - COMMISSION RATES

THE RATE OR AMOUNT OF COMMISSION CHARGED FOR THE SALE, LEASE, APPRAISAL OR MANAGEMENT OF REAL ESTATE SHALL BE NEGOTIATED BETWEEN EACH MEMBER OF LIBOR AND HIS/HER CLIENT.